NLIC.org

Diana Said:

How do I refinance if I am upside down in my mortgage and I am paying PMI?

We Answered:

You can't. You can only refinance to 80% of the appraised value, and if you are upside down this isn't going to happen unless you bring the rest of the cash to the table.

Joel Said:

i have 20% equity in my home yet my fha refinance is charching me with mortgage insurance is this right ?

We Answered:

All FHA loans have mortgage insurance for the first five years no matter if you have 20% equity or not.

If you have 20% equity why in the world would you refi with a FHA loan? Go get a conventional loan. With a conventional loan the interst rate will be lower and there is no PMI.